Funding you earn now, next payment 08:00 UTC−0.0203%/8h= −22.2% APRnext payment −$2.03 per $10,000 · paid last 24h −0.032%
Price spread now: Phemex against Binance+0.024%7-day average −0.005% · you sell dearer than you buy
Net, funding: paid 7d − costs−$144as in the Funding arb table
Net, price: spread back to 7d avg − costs−$136as in the Price arb table
costs, in and out, $10k−$1391.390% of the position
Funding, last 7 days−0.053%−$5 on $10k
+Price spread, last 2 days (all we have)−0.005%−$1 · spread now +0.024%, 7d avg −0.005%
=The price spread pays, funding is against you. Phemex is 0.029% dearer against Binance than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.005%): +$3 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.053% in total) that is about 3.9 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.053% in total (about -2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.03 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance SMCIUSDT | 41.520 | 0.0203 | pay 0.0203% / 8h | 5h 50m | $3.4M | $5.1M | 20x |
| Short | Phemex SMCIUSDT | 41.530 | 0 | get 0.0000% / 8h | 5h 50m | $1.6M | $246K | 10x |
Binance SMCIUSDT
Phemex SMCIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Binance. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$42.62
- Price spread: +0.024% → −0.005%
- $2.94
- Slippage, 4 orders
- −$117.02
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$178.69
- Costs to cover
- 1.390%
- Break-even
- never at this rate
Slippage from Binance: live order book, 2 min ago; Phemex: live order book, 3 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Binance live order book, 2 min ago | 2.41 bp | 14.3 bp −$14 | 47.7 bp −$477 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 3.61 bp | 60.7 bp −$61 | doesn't fit | doesn't fit | doesn't fit |
SMCI on 16 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective SMCI/USDC PERP | −0.0220% | 1h | 41.150 | −0.891% | $4K | $93 | 12x | as long as short |
| Bybit SMCIUSDT | 0.0000% | 8h | 41.500 | −0.048% | $1.0M | $648K | 25x | as long as short |
| OKX SMCI-USDT-SWAP | 0.0000% | 8h | 41.560 | +0.096% | $690K | $1.1M | 20x | as long as short |
| Gate SMCI_USDT | 0.0000% | 8h | 41.520 | 0.000% | $1.6M | $1.6M | 20x | as long as short |
| Bitget SMCIUSDT | 0.0000% | 8h | 41.522 | +0.005% | $1.3M | $505K | 20x | as long as short |
| Phemex SMCIUSDTshort | 0.0000% | 8h | 41.530 | +0.024% | $1.6M | $246K | 10x | |
| Lighter RH SMCI | +0.0032% | 1h | 41.499 | −0.051% | $32K | $5K | 10x | as long as short |
| QFEX SMCI-USD | +0.0048% | 1h | 41.510 | −0.024% | $1.1M | $2.2M | 10x | as long as short |
| SoDEX SMCI-USD | +0.0050% | 1h | 41.530 | +0.024% | $141 | $3K | 10x | as long as short |
| Variational Omni SMCI | +0.0066% | 8h | 41.532 | +0.029% | $98K | $110K | — | as long as short |
Injective SMCI/USDC PERP
Bybit SMCIUSDT
OKX SMCI-USDT-SWAP
Gate SMCI_USDT
Bitget SMCIUSDT
Lighter RH SMCI
QFEX SMCI-USD
SoDEX SMCI-USD
Variational Omni SMCIShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin SMCIUSDTM | +0.0100% | 8h | 41.500 | −0.048% | $462K | $499K | 20x | as long as short |
| HTX SMCI-USDT | +0.0100% | 8h | 41.580 | +0.145% | $8K | $285K | 10x | as long as short |
| GRVT SMCI_USDT_Perp | +0.0202% | 8h | 41.545 | +0.061% | $29 | $154K | 10x | as long as short |
| Binance SMCIUSDTlong | +0.0203% | 8h | 41.520 | long leg | $3.4M | $5.1M | 20x | |
| Extended SMCI-USD | +0.0208% | 1h | 41.509 | −0.026% | $580 | $10K | 10x | as long as short |
| Paragon para:SMCI | +0.1429% | 1h | 41.499 | −0.050% | $159K | $265K | 10x | as long as short |
KuCoin SMCIUSDTM
HTX SMCI-USDT
GRVT SMCI_USDT_Perp
Extended SMCI-USD
Paragon para:SMCI